The result brought full-year growth to 4.5%, the highest reading in six years. The economy grew a meagre 0.3% in seasonally-adjusted quarter-on-quarter terms in the fourth quarter, significantly below the 1.5% increase in the third quarter.

The result was underpinned by an over 20% jump in the construction sector, whereas a weaker expansion of industrial output was behind the slowdown in the growth rate.

Meanwhile, the service sector also contributed notably to the overall result in Q4, with retail trade expanding at a healthy pace on the back of strong wage rises, a tightening labor market and accommodative financing conditions. ■